CREATING A LEGACY
While annual memberships, grants, and underwriting are critical to the success of public broadcasting and provide an annual base of support for our programming, our future success is predicated on our ability to build a sustainable source of funding that provides for today, tomorrow, and the future as well. By creating a bequest in your will or trust, you help ensure that the future of The Foundation for Creative Broadcasting dba KXCI, continues for generations to come.
A GIFT THAT GIVES BACK
In general, bequests are often the simplest and most common type of legacy gift that our members establish. You can structure a bequest as unrestricted or specify that your bequest benefit a particular purpose, such as to support a special programming fund or technology fund for public broadcasting. You may name a specific dollar amount or a percentage of your estate, or allocate the residue remaining in your estate after all other gifts to family and others are met. Bequests may also be made contingent upon another event occurring — such as a spouse or another beneficiary predeceasing you.
There are financial benefits associated with creating this type of legacy gift that are in addition to the intangible rewards you receive from giving. The value of a gift by bequest is deductible from the value of the estate that is subject to estate tax. This may reduce the rate at which the rest of your estate is taxed, thereby preserving the value of the estate passed to heirs. The assets you select to give– cash, securities, insurance, real estate, or other personal property– may also affect the value of the estate passed to heirs. In all charitable estate planning matters, KXCI encourages you to seek professional advice from your trusted advisors. The information contained herein is for example purposes only and is not meant to serve as advice in lieu of advice that you may receive from your own financial, legal, or tax planning counsel. When meeting with your advisors, you may want to discuss:
DRAFTING A NEW WILL
A bequest to benefit KXCI is simple to set up. The language of a charitable bequest is similar to that listed below, and descriptions of the different types of bequests you may include in your will follows:
“To The Foundation for Creative Broadcasting dba KXCI, I give, devise, and bequest (insert a sum of money, percentage of estate, remainder of estate, or a description of bequest property).”
TYPES OF BEQUESTS
- Specific Bequest: KXCI receives a specific dollar amount, a specific piece of property, or a stated percentage of the estate. This is one of the most popular forms of bequests.
- Residuary Bequest: KXCI will receive all or a stated percentage of an estate after distribution of specific bequests and payment of debts, taxes, and expenses.
- Contingent Bequest: KXCI will receive part or all the estate under certain specified circumstances.
- Trust Established Under a Will: A trust may be established that provides for both KXCI and other beneficiaries.
IF YOU ALREADY HAVE A WILL
If you already have your estate plans in place but wish to amend your plans, the easiest way to make a charitable gift through a bequest is by adding a codicil– a simple statement spelling out the beneficiary organization and the gift. You do not need to change the body of your will. The codicil is executed with the same formalities as a will. And, always, please check with your trusted advisors on planning that is best suited for you and your family.
Whether you are drafting a will for the first time or amending your will through a codicil, you will need to provide your advisors with our official name, legal address, phone number, and tax ID number. Information is provided below. The
Foundation for Creative Broadcasting dba KXCI
KXCI Federal Tax ID 94-2746379
220 S 4th Avenue
Tucson, AZ 85701
520-623-1000 ext. 17
To determine the tax benefits for your situation, check with your tax advisor, certified public accountant, or attorney. To contact KXCI for added information on our legacy gift and endowment program, please call Amanda Shauger at 520-623-1000 ext. 17. Thank you for your continued support of KXCI’s mission to connect the communities of Tucson and Southern Arizona to each other and to the world with informative, engaging and creative community-based programming.
When you include KXCI in your will or trust, be sure to let us know so that we can keep you posted about our plans for the future!